Slide 1: 4Q23 Earnings Supplement
4Q23 Earnings Supplement February 8, 2024 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward- loo
Slide 3: ICE Fourth Quarter 2023 Earnings Call Participants
ICE Fourth Quarter 2023 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Katia Gonzalez Chair & CEO President Chief Financial Officer President, NYSE Manager, Investor Chair, ICE Mortgage Chair, Fixed Income Relations Technology & Data Services 3
Slide 4: Record 4Q23 ICE Performance
Record 4Q23 ICE Performance in millions except per share amounts Income statement highlights Revenues, net 4Q23 $2,201 4Q22 $1,768 % Chg, CC 24% % Chg Pro forma, CC 7% +7 % Pro forma net revenues, CC Recurring Revenues 1,199 940 27% 1% Transaction Revenues, net 1,002 828 19% 14% Adj. Op Expenses $95
Slide 5: 4Q23 Exchanges Performance
4Q23 Exchanges Performance in millions Revenues, net 4Q23 4Q22 % Chg Const Curr +66 % Global gas revenues, CC Energy $414 $278 48% 46% Ags 63 56 13% 12% Financials 116 100 16% 11% Cash Equities & Equity Options, net OTC & Other 99 89 92 103 7% (13)% 7% (14)% +41 % Global oil revenues Data & Connecti
Slide 6: 4Q23 Fixed Income & Data Services Performance
4Q23 Fixed Income & Data Services Performance +4 % Record segment revenues, CC in millions Revenues 4Q23 4Q22 % Chg Const Curr —% —% +7 % Fixed Income Execution $35 $35 Other data & network CDS Clearing 81 79 5% 4% svcs revenues, CC Fixed Income Data & Analytics 286 274 4% 4% Other Data & Network Se
Slide 7: 4Q23 Mortgage Technology Performance
4Q23 Mortgage Technology Performance in millions Revenues 4Q23 4Q22 % Chg % Chg, Pro forma +7 % Pro forma adj. op income Origination Tech $170 $181 (6)% (10)% Closing Solutions 43 44 (2)% (6)% — Servicing Software 219 n/a (1)% Best year for new product Data & Analytics 70 24 192% (3)% sales for comb
Slide 8: Record 2023 Performance & 2024 Guidance
Record 2023 Performance & 2024 Guidance Expenses/Synergies in millions except per share amounts % Chg, CC ▪ FY24 adj. expenses $3.81 - $3.86 billion Income statement highlights 2023 2022 % Chg, CC Pro forma ▪ ~$135 million in annualized synergies by Revenues, net $7,988 $7,292 9% 4% YE’24 Recurring
Slide 9: Secular Tailwinds Driving Growth Across Asset Classes
Secular Tailwinds Driving Growth Across Asset Classes Secular Tailwinds Across ICE Platform ICE ‘23 Revenue • Global gas + environmentals = over 40% of energy revenues growing 17% on Energy • Clean energy transition average over past 5 years • Globalization of gas • Energy revenue CAGR +9% since 201
Slide 10: Consistent Track Record of Growth
Consistent Track Record of Growth $5.62 2023 Highlights $5.30 $5.06 Record net revenues +9% y/y, CC Pro forma net revenues +4 y/y $4.41 Record adj. op income +9% y/y, CC Record adj. EPS +6% y/y $3.77 Record adj. free cash flow +10% y/y $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.8
Slide 11: Appendix
Appendix 11
Slide 12: Adjusted Operating Expense
Adjusted Operating Expense Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 492 $ 492 $ 349 $ 349 $ 1,5
Slide 13: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 4Q23 3Q23 2Q23 1Q23 4Q22 Other Income / (Expense), net $(190) $(51) $(35) $(35) $(190) Add: Fair value loss on promissory note 160 — — — — Add: Net losses from and impairment of unconsolidated investees 31 26 30 35 188 Add/(Less): Othe
Slide 14: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Income before income taxes $516 $564 $2,894 $1,808 Income tax expense 126 124 456 310 Effective
Slide 15: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Twelve Months Ended Twelve Months Ended in millions December 31, 2023 December 31, 2022 Net cash provided by operating activities $3,542 $3,554 Less: Capital expenditures (190) (225) Less: Capitalized software development costs (299) (257) Free cash flow 3,053
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions December 31, 2023 Adjusted pro forma operating income (1) $4,971 Add: Adjusted pro forma depreciation and amortization (1) 526 Add: Adjusted non-operating income less adjusted interest expense 139 Less: Net income attributable to non-con
Slide 17: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 12/31/2023 12/31/2022 CHANGE Assets Unrestricted Cash $899 $1,799 $(900) ▪ $899M unrestricted cash Other Current Assets 84,074 155,148 (71,074) ▪ Total debt of $22.6B; Adj. Debt-to- Current Assets 84,973 156,947 (71,974) EBITDA(1) of 4.1x PPE (net)
Slide 18: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 4Q23 3Q23 2Q23 1Q23 4Q22 ASV(1) $1,752 $1,722 $1,724 $1,708 $1,682 Adjusted for: FX — 10 3 5 7 ASV, CC $1,752 $1,732 $1,727 $1,713 $1,689 18 (1) ASV is defined as the annual value of subscriptions under contract for th
Slide 19: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV Ags ADV & RPC RPC ADV RPC 3,600 1.80 500 2.50 3,200 1.60 400 2,800 2.25 2,400 1.40 300 2,000 1,600 1.20 200 2.00 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 ADV RPC ADV RPC ADV Interest Rates ADV & RPC
Slide 20: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands ADV Energy ADV & OI OI ADV Ags ADV & OI OI 3,600 60,000 500 5,000 3,200 4,000 45,000 400 2,800 3,000 30,000 2,400 2,000 300 15,000 2,000 1,000 1,600 0 200 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 ADV OI ADV OI Interest Rat
Slide 21: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 4Q23 GAAP 4Q22 % Chg GAAP 2023 GAAP 2022 % Chg Net Revenues $2,201 $1,768 25% $7,988 $7,292 10% Operating Expenses $1,276 $904 41% $4,294 $3,654 18% Operating Income $925 $864 7% $3,694 $3,638 2% Operating Margin 42%
Slide 22: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, Decem
Slide 23: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended December 31, December 31, December
Slide 24: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions except per share amounts December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Net income attributable to ICE $ 373 $ 425 $ 2,368 $ 1,446 Add: Amortization of acquisi